LLC Question - Do I include Co-Signers on LLC?

[Oliver Oden]

Hi everyone I need some advice.

I recently purchased a home to Airbnb and my parents are "Co-Signers" on the house. If I open up an LLC do my parents names need to also be on the LLC? I've read everywhere that they do not.

Can someone explain which one is the correct choice and if any extra taxes are involved if they need to be on the LLC? Thanks

[Basit Siddiqi]

It appears that the parents are on the mortgage.
Are they also on the deed?

If they are on the deed, the property is owned as 'tenants in common'.
Is there a tenants in common agreement?

Do you plan to transfer the property to the LLC?

was there an agreement between you and your parents that they should share in the profits / losses of the airbnb / property.

If there was an agreement, they should also be included in the LLC.

It is best to discuss this all with an attorney.

Best of luck!